4840 Mission is funded in part by the voter approved 2015 Affordable Housing General Obligation Bond, used for predevelopment funding, and the 2019 Affordable Housing General Obligation Bond, to be used for construction and permanent funding.
"4840 Mission will bring over a hundred new affordable homes to the Excelsior and Outer Mission, and because of our neighborhood preference legislation, many of these homes will serve residents who already live in the area. We must keep advancing projects like this one to make up for decades of underbuilding in San Francisco," said Mayor Breed. "I want to thank Supervisor Safaí and all the residents who advocated for more housing in their neighborhood. This project is possible thanks to their efforts and the affordable housing bonds that San Francisco voters passed in 2015 and 2019."
The 4840 Mission Street site is the former location of the Valente Marini Perata & Co. Funeral Home. In 2015, BRIDGE Housing Corporation (BRIDGE) made an offer for the lot and in June 2017, BRIDGE, with assistance from the Mayor's Office of Housing and Community Development (MOHCD) and the San Francisco Housing Accelerator Fund purchased the land at a below market price.
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"This project is years in the making and I am proud to finally be able to celebrate it publicly today because it will provide much-needed affordable housing for working families in a district that has seen a dearth of new affordable housing for decades," said Supervisor Ahsha Safaí. "In addition to affordable housing, this project will also be the new home for the neighborhood's existing nonprofit clinic, the Mission Neighborhood Health Center, and will also include an art component highlighting the Excelsior's rich history. This is a win for all of San Franciscans and am extremely proud of what we collectively achieved."
The 137-unit development at 4840 Mission, which is being developed by BRIDGE, has 35 apartments set aside for existing HOPE SF residents voluntarily relocating from Potrero Terrace and Potrero Annex. Amenities at 4840 Mission will include a community room, bicycle parking, public art, and an expanded Excelsior Branch of the MNHC, which will offer low-cost medical, behavioral health, and dental services to the neighborhood. The project also includes construction of a public pedestrian walkway that will connect Alemany Boulevard to Mission Street.
"We're excited to bring 137 affordable homes for families to the Excelsior neighborhood, plus expanded health care access through Mission Neighborhood Health Center," said Cynthia Parker, President and CEO of BRIDGE Housing. "Thanks to the SF Housing Accelerator Fund, the Mayor's Office of Housing and Community Development and the streamlining provided under SB 35, we look forward to delivering 100% affordable housing to the community."
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The five-story building, designed by Van Meter Williams Pollack includes one-bedroom, two-bedroom, and three-bedroom apartments. Once complete, the new homes will be available to applicants with a broad range of incomes including 30%, 40%, 50%, 95% and 109% Area Median Income (AMI) or below.
"Mission Neighborhood Health Center is delighted to see a permanent home for our Excelsior Clinic and eager to double the number of families served in this new and larger space," said Brenda Storey, Executive Director of MNHC. "An affordable home and an affordable medical home in the same building!"
"We are so proud to partner with BRIDGE and MOHCD to catalyze more than 130 new affordable homes in the Excelsior," said Rebecca Foster, CEO, San Francisco Housing Accelerator Fund. "This was an inaugural loan for the HAF and as it moves into the construction stage we are close to celebrating financing our thousandth unit of permanently affordable housing."
Major financing for 4840 Mission Street was provided by a $51.6 million investment from MOHCD that enabled the $121 million project to move forward. The San Francisco Housing Accelerator Fund provided an acquisition loan of $9 million with additional financing support coming from tax credit equity investors and commercial construction and permanent lenders. Operating subsidies will be delivered through the U.S. Department of Housing and Urban Development's Project Based Voucher program administered by the San Francisco Housing Authority.
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